British International Investment

Ninety One Africa Credit Opportunities Fund (Investec)

AfricaBotswanaEthiopiaGhanaKenyaMauritiusMozambiqueNamibiaNigeriaRwandaSouth AfricaTanzaniaZambiaZimbabweAfricaWest AfricaCommunications & IT servicesConstruction & Real estateConsumer - other servicesFinancial servicesFood & AgricultureGeneralistInfrastructureManufacturingOther

The Investec Africa Credit Opportunities Fund 1 (IACO), sub-Saharan Africa’s first corporate debt fund, will provide long-term capital to businesses of different sizes and sectors across a wide range of countries in the region (excluding South Africa).

The fund aims to kick-start the development of African debt capital markets and to invest in sustainable businesses.

This investment was made when British International Investment was named CDC Group.

Our investment

Description of the investment.

In 2012, CDC invested $30 million in the Africa Credit fund. The fund is also supported by Dutch development bank, FMO.

The Investec Asset Management team is aiming to raise up to $350 million for the fund from commercial investors both in Africa and beyond to provide much-needed capital to African businesses.

Expected impact

Expected impact of investments made between 2012 and 2018. From 2019 onwards, we have published a fuller set of impact information, assessing each investment against six dimensions of impact.

There is a shortage of credit in sub-Saharan Africa for private sector businesses.

The fund aims to bring in other institutional investors and ensure that their money will be used to provide debt capital to companies across sub-Saharan Africa.

The Investec Fund will typically provide capital to businesses and projects which already support local employment, enabling access to longer term funding.

The finance may be used as working capital or to fund expansion, enabling the creation of jobs.

Environmental and social information

  • Environmental and social summary

    A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.

  • Environmental and social risk

    A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.

Environmental and social summary

We worked closely with the fund manager to contribute to the development and implementation of an ESMS.

Reporting and Complaints Mechanism

The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to [email protected] or by mail. See more details on our Reporting and Complaints Mechanism here.

For any other general enquiries contact us at [email protected]

  • Key facts

    Last updated

    When the last quarterly update of the website database occurred.

    :
    March 2024
    Project number

    An identifier number shared by investments in the same project.

    :
    D231
    Status

    The current status of the investment (green flag for active and red flag for exited).

    :
    Active
    Region

    The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.

    :
    Africa, West Africa
    Sector

    We prioritise those sectors that facilitate development and need our capital the most. Our priority sectors contribute towards many of the Sustainable Development Goals. They range from investing in the power infrastructure that will provide people with better access to electricity, to investing in financial institutions that direct capital to the individuals and businesses that need it the most.

    :
    Communications & IT services, Construction & Real estate, Consumer - other services, Financial services, Food & Agriculture, Generalist, Infrastructure, Manufacturing, Other

    We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.

    For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.

    For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.

    For direct equity investments, this is the date at which British International Investment exited the investment.

    For debt investments, this is the date at which the final debt repayment was made.

    For funds, this is the date at which the fund was terminated.

    For underlying fund investments, this is the date at which the fund manager exited the investment.

    The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.

    For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.

    The currency in which the investment was made.

    Investment type :
    Fund
    Start date :
    December 2012
    Amount :
    $30m
    Currency of investment :
    USD
    Fund Manager:
    Ninety One Asset Management
    Domicile

    The company or investment fund’s place of incorporation.

    :
    Guernsey

Investments made by this fund into companies:

For further information about these companies, visit https://www.investec.com/en_gb.html

Investment name Country Region Sector Start date Status
Afrexim Bank Trade Finance MRPA Africa Africa Financial services June 2017 Exited
Afri Flowers Holding B.V. (Afriflora)/Flamingo Horticulture Ltd (Flamingo) Ethiopia East Africa Food & Agriculture March 2020 Exited
Africa Finance Corporation Tanzania East Africa Financial services December 2016 Exited
Air Rwanda Rwanda East Africa Consumer - other services December 2019 Active
Baía Mall Mozambique East Africa Construction & Real estate December 2018 Active
Bayport Management Limited Mauritius East Africa Financial services September 2017 Exited
Centum Investment Limited Africa Africa Financial services September 2017 Exited
Dangote Industries Limited Nigeria West Africa Manufacturing December 2019 Exited
Eastern and Southern African Trade & Development Bank Burundi, Comoros, Democratic Republic of Congo, Djibouti, Egypt, Eswatini, Ethiopia, Kenya, Madagascar, Malawi, Mauritius, Mozambique, Rwanda, Seychelles, South Sudan, Sudan, Tanzania, Uganda, Zambia, Zimbabwe Central Africa, East Africa, North Africa, Southern Africa Financial services June 2015 Exited
Ecobank Africa, Nigeria Africa, West Africa Financial services December 2018 Exited
Equity Bank (Kenya) Ltd. Kenya East Africa Financial services December 2018 Exited
FBC Holdings Limited Zimbabwe Southern Africa Financial services December 2014 Exited
First Bank Nigeria Nigeria West Africa Financial services December 2014 Exited
FirstRand Bank Ltd. South Africa Southern Africa Financial services December 2018 Exited
Ghana Home Loans Ghana West Africa Financial services December 2019 Exited
Globeleq Africa Holdings Africa Africa Infrastructure December 2014 Exited
Grain Bulk Handlers Ltd Kenya East Africa Infrastructure March 2020 Exited
Gruppo Limited (Ikeja Mall) Nigeria West Africa Construction & Real estate December 2014 Exited
GTB Nigeria West Africa Financial services December 2014 Exited
Helios Investors III Africa Africa Generalist December 2019 Exited
Helios Towers Nigeria Ltd Nigeria West Africa Communications & IT services December 2014 Exited
Helios Towers PLC Ghana West Africa Communications & IT services June 2020 Exited
IHS Nigeria Nigeria West Africa Communications & IT services December 2014 Exited
IHS Zambia Ltd Zambia Southern Africa Communications & IT services December 2014 Exited
Intrepid Aviation Namibia Southern Africa Manufacturing December 2014 Exited
Karadeniz Powerships Ghana West Africa Infrastructure March 2016 Exited
Kosmos Energy Ghana West Africa Other December 2014 Exited
Letshego Holdings Botswana Southern Africa Financial services June 2015 Exited
Liquid Telecommunications Holding Limited Africa, Kenya, Rwanda, South Africa, South Sudan, Uganda, Zambia, Zimbabwe Africa, East Africa, Southern Africa Communications & IT services December 2016 Exited
Millicom Tanzania Tanzania East Africa Communications & IT services August 2020 Exited
Mozaza Logistics (J&J Trucking) Mozambique East Africa Manufacturing June 2018 Exited
MTN Mauritius Mauritius East Africa Communications & IT services June 2016 Exited
Netis Holdings Africa Africa Communications & IT services December 2020 Active
Persianas Limited Nigeria West Africa Construction & Real estate June 2015 Active
Seacom Limited Africa Africa Communications & IT services December 2017 Exited
United Bank for Africa Plc Nigeria West Africa Financial services December 2018 Exited
Zenith Bank Plc Nigeria West Africa Financial services March 2015 Exited

Subscribe to receive our latest news and updates